Bay Grove Snags Cold Storage Portfolio for Reported $100M
JLL Capital Markets closed the sale of a three-property cold storage portfolio totaling 712,051 square feet in Chicago and its suburbs. The firm’s John Huguenard, Ed Halaburt, Sean Devaney, Kurt Sarbaugh and Robin Stolberg marketed the portfolio on behalf of Investcorp.
Lineage Logistics, which is controlled and operated by San Francisco-based Bay Grove, purchased the assets, for a reported $100 million-plus.
The portfolio comprises 2635 S. Western Ave. and 2658 S. Leavitt St. on Chicago’s Near West Side; 8424 W. 47th St. in Lyons, IL; and 1544-46 Hecht Dr. in Bartlett, IL. It’s 100% leased to 11 tenants and represents one of the few multi-property, multi-tenant cold storage transactions nationally.
“What is unique about this cold storage portfolio is that it is a multi-tenant portfolio with fewer than four years of average remaining lease term that was able to close in spite of uncertainty caused by the COVID-19 pandemic,” Halaburt said.
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